Home loans are often designed to last a set amount of time (usually 30 years) but it doesn’t mean it has to take you this long to pay off the remaining debt. Depending on the specific conditions of your mortgage, there are easy ways you could pay off your mortgage faster.
Refinance your mortgage
Refinancing your fixed-rate mortgage for a lower interest rate can be a great way to lower your overall monthly payments. Because you’ll paying more into the principal instead of paying the higher interest rates, you may be able to use the money you’re saving to pay off your mortgage quicker.
Make biweekly payments
Making biweekly payments instead of monthly payments can be a good way to shorten the term of your mortgage if you are able to receive a lower interest rate for doing so. Contact your lender for details.
Take advantage of tax benefits
As a homeowner, there are various tax benefits you may qualify for. Speak with a financial advisor or accountant to find out which tax benefits you’re eligible for. The money you save could be used towards paying off your mortgage quicker.
Contact Peachtree Financial Solutions
If you’re receiving structured settlement annuity payments, we can provide you with cash now. Be sure to check with your lender to see if there are any penalties for paying off your mortgage early. If there aren’t, allow us to buy structured settlement annuity payment streams from you. The lump sum of cash you receive can be used to pay off your mortgage and help eliminate your debt.
When we buy structured settlement annuity payment streams from customers and provide them with cash now, many of them use that money to pay off debts, which can possibly include a mortgage. If you don’t have a mortgage yet, but you’ve been thinking about buying a home, you may be able to use the money you receive from Peachtree towards your down payment. Contact Peachtree Financial Solutions today to learn more about receiving cash now.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.